Socialist Republic of Vietnam

Ho Chi Minh City’s U.S. Consul General Seth D. Winnick talked about the new direct air flights between the two countries and their trade prospects.

What do you think about the launch of direct flights from Vietnam to San Francisco?

It is very important because there has not been direct air service between the U.S. and Vietnam for 30 years, so it’s very significant. It demonstrates that Americans are coming to Vietnam, air traffic is going up, tourism is going up, and business is going up.”

It also made clear that the Vietnamese communities in the U.S. are increasingly coming back to visit their families and do business. Relations between the two countries are warming up.

Do you think direct air services will facilitate trade between the two countries?

Trade between the two countries has already sky-rocketed. The BTA between the U.S. and Vietnam was signed in 2000 and went into effect in 2001. If you compare the year before 1999, Vietnam sent about 500 million dollars worth of exports to the U.S. In just five years, in 2004, it would be 5 billion of goods going to the U.S.

Vietnamese exports to the U.S. have been increasing over the last five years, largely as a result of the BTA. So trade is already taking off, trade is blooming.

Do you think Vietnam will attract more American investors in 5 to 7 years, when the country opens its markets more?

It’s very hard to predict what will happen in five to seven years from now, I think that U.S. exports to Vietnam and U.S. investment to Vietnam will grow faster and sooner than that because of our expectation that Vietnam is going to join the WTO.

The BTA is a good stepping stone for Vietnam integration into the international economy.

The WTO accession is more challenging, it brings greater demands and greater access to the international market. We hope Vietnam will go that step, and further increase both trade and investment.

Do you think telecoms and energy would be attractive fields to American investors?

It is attractive but now it is far too restricted, much too difficult for investors to work effectively in both these fields.

Do you think when Vietnam opens these fields, it would attract more and more investment?

Yes, absolutely. But five or seven years would be too long. Vietnam can’t wait that long. And Vietnam needs to speed up.

Reported by Trung Binh.
Story from Thanh Nien News
Published: 10 December, 2004, 02:22:41 (GMT+7)
Copyright Thanh Nien News